Share prices of Aur Resources (TSE) and Societe Miniere Louvem (TSE) climbed sharply after the results of infill drilling were released from the Louvicourt Twp. massive sulphide project, east of Val d’Or, Que. Trading of Aur shares were halted late June 1 after more than 300,000 shares changed hands and the issue moved up $1.15 to $4.95. Louvem and parent St. Genevieve Resources (TSE) also gained 95 cents and 35 cents respectively.
But the shares slipped back just as quickly once investors realized that the result of two holes will have no impact on the potential size of a deposit that is estimated to contain 35.9 million tons of grade 3.11% copper and 1.34% zinc.
Hole 309-81A, drilled above and west of 309-46 (toward the north of the main drilling area), tested the Aur horizon at a depth of 1,000 ft. and intersected no economic mineralization.
Results of a second hole (309- 741) tested the horizon 250 ft. above hole 74C, the best hole reported at Louvicourt to date, and confirmed the high-grade nature of the orebody down plunge toward the east. It intersected 179.5 ft. of grade 5.44% copper, 0.13% zinc, 0.27 oz. silver per ton and 0.01 oz. gold and included a 100.5-ft. section averaging 8.93% copper, 0.06% zinc 0.51 oz. silver.
Contained within the same intercept was a 30.3-ft. section which averaged 20.10% copper and 1.17 oz. silver.
Hole 74C included the widest massive sulphide intersection encountered on the property so far. It yielded 334.8 ft. of grade 3.59% copper and 0.15% zinc at a depth of 2,160 ft. below surface.
Aur and Louvem are both trading at around $4.35 while St. Genevieve closed recently at $1.10.
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